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20121202
20121210
Search Results 0 to 9 of about 10 (some duplicates have been removed)
accusations over the lack of progress on avoiding the fiscal cliff, both sides now have put their opening offers on the table. last week, it was treasury secretary timothy geithner meeting with top republicans. this afternoon, house speaker john boehner sketched out the g.o.p. proposal in a letter to the white house, and the proposal borrows suggestions from the president's own debt reduction commission, whose plan was ignored last year. the republican letter offered $900 billion in spending cuts from program reforms to medicare and social security. the g.o.p. plan would raise $800 billion in revenues by closing loop-holes and reforming the tax code, but stops short of specifics. noticeably missing: the higher taxes on high-wage earners which president obama has insisted on. the white house responded, saying "the g.o.p. proposal does not meet the test of balance. in fact, it actually promises to lower rates for the wealthy and sticks the middle class with the bill." it's not just the federal government under pressure. credit ratings agency fitch calls the fiscal cliff the biggest concern
the state of kentucky. senator paul, welcome, as always. i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong. >> there are some people saying we need a deal to avoid a huge tax increase but year end that would throw us into recession. just a thought, would you compromise in terms of let's say a smaller tax rate increase -- let's say the top rate goes to 37% instead of 40%, maybe the threshold goads es to $500,000 $750,000 rather than $250,000? does that interest you? >> no. but what about means testing for entitlement. why don't we say the rich get less social security and they pay more for their medicare? it meets the president's animus that we must get more mone
here are worried about the fiscal cliff and the potential impact that it could have on american consumers as well as the factories here. eunice yun, cnbc, beijing. >> are those fears right, is the the expansion just investment-led and therefore not worth as much and that seems to be the insinuation? >> also i think china and china manufacturing has always historically been investment led anyway. much less consumer dependent than what we see maybe in europe and the u.s. but, yes, that meeting is just back into expansion territory. that's good in itself. global growth will be looking for china to be going ahead. so good but modest. so any demand elsewhere could have an impact on china. >> have we had the china slowdown? >> we've had mosts of it i think. but again, china is very much in recent line with the cycle of the global economy and we'll be looking for some of the big growth engines to help them, as well. >> what's the chinese swing factor for investors? >> sitting in europe clearly it's something we focus upon. is it a driving force, absolutely not. the tail risk i think is
incomes. significant increases in both are scheduled. as you think about the fiscal cliff and what is coming, one of the few places you can see people responding to it is in their behavior around capital gains and dividends. companies are moving up to how, shareholders take a vintage of a lower rate. i expect you will see more investors realize lower capital gains in order to get lower rates. there is clearly money there. there is clearly money that has interesting, distributional characteristics. as you think about the political process trying to structure when a package with a revenue goal and a distribution goal, my prediction is you will see at least some of those increases occur. i personally would be surprised if the dividend rate went back up to ordinary rates. the senate would allow it to stay at the capital gains rate, and go it to 15% to 20%. the president initially proposed cutting dividends they the same as capital gains. my guess would be that that is where we end up. >> what would you say is best? should the dividend be the same as capital gains tax >> i find it hard.
was an empty letter. >> when it comes to fiscal cliff that's threat nick our economy and threatening jobs, the white house has wasted another week. >> tax cuts is what caused the fall of the united states from super power status. >> this president just won a big election and you would think that he would want to lead. >> we've had the election. the president was clear in the campaign that he was advocating and fighting for the middle income tax cuts. >> tax cuts. the whole premise of tax cuts is going to be blamed for all of this economic mess. >> this is a moment of truth. the clock is ticking, christmas it coming, the goose is getting fat. in many homes across america, it's a very, very lean time. >> the reports indicate that the president has adopted a deliberate strategy to slow walk our economy right to the edge of the fiscal cliff. >> greta: with us is co-host of the five, greg gutfeld. he has a new book out, the joy of hate. he's been on a road trip having a book tour, so he has been talking to lots of people and they have been talking to him. so we want to know. are americans frus
in the fiscal cliff discussion, is we are talking about the past for the 2012 taxable year. -- unlike the rest of the fiscal cliff which effects rates that will apply next year. the patch applies for returns we file early next year. if there is no congressional action, there is an abrupt increase in tax on the 2012 taxable year. in 2011, approximately 4 million people paid the amt. if there is not a patch, 30 million people will be required to pay the amt in 2012, and they will pay an additional $90 billion in tax. very few of them have any idea this is on the table. host: is the irs prepared? guest: the irs is fairly unusual, but in a correct position, that congress will do the responsible thing -- they took the position that congress will do the responsible thing. they assumed congress will enact a package before the end of the year, and i think that was the reasonable thing to do because i believe they will do that. however, it does mean if there is not a patch of the tax return filing season next year will be quite chaotic. >> you can see all of that interview at c-span.org. we are live at
Search Results 0 to 9 of about 10 (some duplicates have been removed)